UNDER CONTRACTS / IN THE TRENCHES
In Ocean City, there were 162 new listings last month, 146 sold. The average sold price range was an astounding $850k average sale price with a 105 days on market average. March is on pace to surpass these numbers!
The latest buyer craze was for beachfronts, lagoon fronts and new construction. If you were selling a Riviera water front for 1.2 million it would get multiple bids. Any east side Gardens listing realistically priced would get attention. Open bay properties are very popular this season and 4 bedroom condos between 29th and 39th streets are wanted as prospects aim to move up and closer to the beach from 2-3 blocks back. Elsewhere, there are plenty of buyers willing to purchase between $275k and $450k if these listings are in good condition and accurately priced.
There is an 8 month supply of inventory remaining. The jury is still out on which direction the market is trending. Many overpriced, aging listings continue to be ignored and receive bids that are disappointing to these sellers. 2004 prices are not coming back soon. It seems to this author, approximately 25% of that peak value will not be recaptured in this real estate cycle.
Meanwhile in Margate, new construction continues to give the resale listings a headache and the condo supply outweighs the demand and sales.
Ventnor remains challenging - only veteran real estate agents can get the job done here; Most Longport sellers need to get a little reality check in their pricing and then ,they will be fine.
Sea Isle is a tight market with Realtors battling each other for market share, agents are cutting their commissions at the expense of investing those costs to real marketing for the sellers who need it. Property sellers and agents need to find common ground on that island .
Stone Harbor and Avalon are consistent; the Wildwoods continue to impress with their amount of sales and non-sales.